ACC205 Week 1 – PowerPoint & Quiz: Chapter 1
Score for this attempt: 5 out of 5
This attempt took 1 minute.
Question 1
1 / 1 pts
A balance sheet reveals the assets, liabilities and equity of a particular business over a designated period of time.
True
False
Question 2
1 / 1 pts
An Income Statement reveals a firms assets, liabilities and equity at a particular moment in time.
True
False
Question 3
1 / 1 pts
The Statement of Retained Earnings builds a bridge between the retained earnings that existed at the beginning and the end of the accounting period.
True
False
Question 4
1 / 1 pts
A Cash Flow Statement is identical to the firm’s bank account and is used to reconcile the checking account each month.
True
False
Question 5
1 / 1 pts
GAAP is the organization that makes the rules for accounting that all firms follow.
True
False
Quiz Score: 5 out of 5
